Pension Commission To Sanction Erring Operators

The Pension Commission (PENCOM) has said that it intends to sanction any operator who violates provisions of the Pension Act 2014.

Director- General, PENCOM, Mrs. Chinelo Anohu-Amazu, who was speaking at the Institute of Directors’ (IoD) Nigeria Quarterly Business Luncheon, yesterday in Lagos, said the need to sanction offenders became necessary to sanitise and further encourage the industry’s growth. The theme of the Luncheon was: ‘’ 2014 Pension Act Review- Implications for employers of labour.’’

Mrs Anohu-Amazu, who was represented by the Commission’s Secretary/Legal Adviser, Muhammad Sani Muhammad, said notable offences and penalities in Section 99 to 104 of the Pension Reforms Act 2014 are dear to the Commission and that no  effort would be spared in bringing perpetrators of the offences to book.

He said contravening any provision of the Act where no specific penalty is prescribed attracts not less than N250,000 fine or not less than one year or both, adding that the government  would  enforce the law.

He said any official of the Pension Fund Administrators (PFAs), Pension Fund Custodians(PFCs) and others who refused to give information to the Commission’s examiners or investors would pay a fine of N200,000 or serve a three year jail term, stressing that continuous refusal attracts N100,000 fine daily.


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